China has always been a state that makes strictness and control the cornerstones of the exercise of power to the point of often being referred to as a regime rather than a republic, and now with the Digital Yuan it has raised the bar even higher.
The Digital Yuan Project in China
The country aims to replace the paper Yuan with its digital counterpart but this move has turned the noses up at the Chinese and the international community who have raised concerns about the government’s excessive interference in citizens’ personal information.
Beijing’s willingness to veer firmly toward this substitution process stems from the overwhelming power of the dollar and the opportunity that cryptocurrencies have demonstrated in the geopolitical arena.
The war in Ukraine exposed the ineffectiveness of international sanctions with the mass adoption of digital currencies, which have been an effective means of circumventing the punishment inflicted on Russia by the rest of the world.
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